Letter from NCO/Capital One(Settle)

NCO/Capital One today. It guarentees me a VISA with a Max $900 CL if allow NCO to transfer my debt to Capital One. I owe them, according to them, ~$2900. They'll settle for transferring ~$1800 and remove their Interest and fees.

I'm not thinking of taking the offer as the debt is past SOL and is actually nearing the end of the 7yr reporting cycle.

My thinking is this can't be coincidence though, I've just started disputes with the CRA's last month and opened a Savings account with Bank One last month as well.

Originally posted by Thee One NCO/Capital One today. It guarentees me a VISA with a Max $900 CL if allow NCO to transfer my debt to Capital One. I owe them, according to them, ~$2900. They'll settle for transferring ~$1800 and remove their Interest and fees.

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you totally lost me here. Theyre willing to give you a credit card w a 900 dollar limit, but they want you to put twice that amount on it immediately? over-limit fee hell is all i see there. why would they expect anyone to take an offer like that? I hope you tell them youre a little smarter than that.

I'm not thinking of taking the offer as the debt is past SOL and is actually nearing the end of the 7yr reporting cycle.
My thinking is this can't be coincidence though, I've just started disputes with the CRA's last month and opened a Savings account with Bank One last month as well.
Has anyone else heard of/experienced this sort of thing?

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I had a very old, non-reporting ChexSystems issue (a check that was returned once and paid off immediately back in 1998) come back to life somehow. Now I suddenly cant write checks most places. I truly believe this happened because i got nasty w a CRA and threatened to sue them. so no, i dont think its a coincidence.

Originally posted by crowmom you totally lost me here. Theyre willing to give you a credit card w a 900 dollar limit, but they want you to put twice that amount on it immediately? over-limit fee hell is all i see there. why would they expect anyone to take an offer like that? I hope you tell them youre a little smarter than that.

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The stipulation is for the first $50 I pay off, I get $25 in available credit. Thereafter every $100 I pay I get $50 or $25 in available credit, until a maximum of $900. No OTL fees and no Interest ever on the amount of the transferred debt. I'm going to send NCO a Val Letter. I'm a little confused at which account they are trying to collect on though. None of the account #'s they supply match anything on my reports. The OC matches but that is all.

Originally posted by Thee One The stipulation is for the first $50 I pay off, I get $25 in available credit. Thereafter every $100 I pay I get $50 or $25 in available credit, until a maximum of $900. No OTL fees and no Interest ever on the amount of the transferred debt. I'm going to send NCO a Val Letter. I'm a little confused at which account they are trying to collect on though. None of the account #'s they supply match anything on my reports. The OC matches but that is all.

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sheesh that is a convoluted deal. Might be OK tho, IF the debt was valid and not past the SOL.
I guess they must realize that they arent able to collect on this (using conventional means at least), and they're sorta desperate. It shouldnt even be a concern tho, if its truly past the SOL. Do they know that YOU know its past SOL? You don't need their CC that bad do you?

It is past the SOL, I'm not sure if they know that I know...but I do. : ) I don't need their credit at those terms. THough I was impressed by the IR of 9.9% until 2005 on New Purchases. However, I don't plan on paying them almost $2000 to get a MAX $900 Crap One card. My repair process is coming along pretty well, especially my EQ report. They'll get a Val letter and we'll go from there. Had they offered $900 payoff for $900 CL, they might have gotten a bite.